Among the adviser firms declared in default were Wrightway Financial Consultants Ltd of Kent; Knight Wealth Management Services Ltd of Birmingham; IFA Home Counties Ltd of Essex; Sovereign Wealth Advisory Ltd of Leicester and Medden Financial Services LLP of Coventry.

The move opens the door for investors to claim compensation from the FSCS. The FSCS has so far compensated 5.5m people since it opened in 2001.

The latest numbers suggest a slight slowing in the number of defaults with 11 firms declared in default in March compared to only 10 in April and May.

In a nod to claims management companies, the FSCS has pointed out to investors that it charges no fees to claim compensation and investors get back 100% of the compensation they are owed.

Emma Barrow, head of communications at FSCS, said: "We know FSCS protection contributes to consumers' confidence in financial services in the UK. So, we are reaching out to those who have lost money and may be able to benefit from that protection by claiming against a firm that has failed. Customers can claim directly with FSCS for free via our website, which provides the easy-to-use service they expect. Help is on hand throughout the process, with claims experts available through web chat or over the phone."

FSCS declarations 1 April to 31 May 2021 (10 firms):

• The Heath Consulting Company Ltd, formerly C. E. Heath Financial Services Ltd (FRN 114688), 175-177 Kings Road, Reading, Berkshire RG1 4EY
• E*Trade Securities Ltd, formerly E*Trade Institutional Securities Ltd, formerly Carswell-T.I.R. Ltd (FRN 140818), Atria One, 144 Morrison Street, Edinburgh, Midlothian EH3 8EX
• Wrightway Financial Consultants Ltd (FRN 208752), 4 Mount Ephraim Road, Tumbridge Wells, Kent TN1 1EE
• Knight Wealth Management Services Ltd (FRN 466629), 39 Gravelly Hill North, Erdington, Birmingham, West Midlands B23 6BT
• Highpoint Trustees Ltd (FRN 485414), 5-6 Priory Court, Tuscam Way, Camberley, Surrey GU15 3YX
• Triton Insurance Brokers Ltd (FRN 487601), 346 Seawall Lane, North Cotes, Grimsby, North-East Lincolnshire DN36 5XE
• IFA Home Counties Ltd (FRN 488819), Rosemont, 14 St. Leonards Road, Nazeing, Waltham Abbey, Essex EN9 2HJ
• Sovereign Wealth Advisory Ltd (FRN 603333), 32 De Montfort Street, Leicester, Leicestershire LE1 7GD
• Medden Financial Services LLP (FRN 473375), 5 Mercia Business Village, Torwood Close, Coventry, West Midlands CV4 8HX
• A. Campbell, T/A (Trading As) The Newton-Barr Partnership (FRN 145385), 43 Charlotte Square, Edinburgh, Midlothian EH2 4HQ